A-share trading new rules officially implemented on July 6: involving multiple core adjustments including expansion of after-hours fixed-price trading

ME News message: On July 5 (UTC+8), new A-share trading rules jointly revised by three exchanges—Shanghai, Shenzhen, and Beijing—will officially come into effect on July 6, 2026. The updates cover multiple trading-mechanism optimization items. Under the revised trading rules, the core adjustments made by the three exchanges are as follows:

1. Key revisions of the Shanghai Stock Exchange: First, the scope of securities to which the after-hours fixed-price trading method applies is expanded from STAR Market stocks to all A-shares and exchange-traded open-end funds. Second, the trading method in the fund closing stage is adjusted from continuous bidding to a closing call auction, and the closing price is generated through the closing call auction. Third, the price up/down limit ratio for risk-warning stocks on the main board is adjusted from 5% to 10%. In addition, adaptive amendments are made in line with rule changes and business needs, including optimizing provisions related to disciplinary actions and improving certain rule wording.

2. Key revisions of the Shenzhen Stock Exchange: First, a market maker system is introduced on the ChiNext board. Second, the confirmation time for block trades under agreement of ChiNext board stocks is adjusted. The confirmation time is changed from 15:00–15:30 to 9:30–11:30 and 13:00–15:30. Third, the scope of after-hours fixed-price trading is expanded. The applicable categories for after-hours fixed-price trading are expanded from “ChiNext board stocks” to “A-shares and exchange-traded open-end funds.” Fourth, self-regulatory supervision measures and disciplinary sanction arrangements are optimized. Fifth, provisions related to the price up/down limit ratio for main-board risk-warning stocks are consolidated; the price up/down limit ratio for main-board risk-warning stocks is adjusted from 5% to 10%.

3. Key revisions of the Beijing Stock Exchange: The after-hours fixed-price trading for stocks is introduced, the price range for block trades of stocks without price up/down limits is adjusted, trading rules for risk-warning stocks and delisting and reorganization stocks are clarified, and regulatory arrangements for severe abnormal price fluctuations are added. At the same time, the Beijing Stock Exchange has also adjusted the rule wording and the structure of the rule format. (Source: PANews)